Global Automotive Lightweight Materials Market Report, published by Variant Market Research, forecast that the global market is expected to reach $169.6 billion by 2024 from $66 billion in 2016; growing at a CAGR of 12.5% from 2016 to 2024. By geography, Asia-Pacific and Rest of the World (RoW) are expected to grow at a CAGR of 13.7% and 12.6%, respectively, during the forecast period.
Automotive Lightweight Materials Market (By Material Type: Metals, Plastics, and Composites; By Application: Structural, Powertrain, Interior, Exterior, and Other Applications; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024
The lightweight materials include metal-alloys & composites, which are lightweight, therefore used in automotive industry to reduce the weight of vehicles. These have applications in structural, powertrain, interior, exterior, and other end-use areas.
Increasing adoption of lightweight componentsto drive the growth ofthe automotive lightweight materialsmarket
The factors supporting growth of the global automotive lightweight materials market are strict emission & fuel economy rules which has led to rise the demand for lightweight materials in automotive industry, increasing penetration of lightweight components, and high growth in automotive industry. However, rapid variations in raw material prices may act as a restraint for the growth of the market. Moreover, increasing demand for lightweight and fuel-efficient vehicles globally, and technological developments in lightweight materials used in automotive industry would provide several growth opportunities for the market in the future years.
Material type, application, and geography are the major segments considered in the global automotive lightweight materials market. The market is segmented by material type as metals, plastics, and composites. Metal is further divided into aluminium, high strength steel (HSS), and other metals. Composite segment is further segmented into carbon fiber reinforced plastic (CFRP), and glass fiber reinforced polymer (GFRP). By application, the market is bifurcated into structural, powertrain, interior, exterior, and other applications. By geography, the global automotive lightweight materials market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Metals accounted for the largest market share in the material type segment
Metals accounted for the largest market share in 2016, in the material type segment, and are expected to continue its dominance during the forecast period 2016 – 2024, owing to the perfection of various metals, such as steel, aluminum, and magnesium in automobile manufacturing.
Structural accounted for the largest market share in the application segment
Structural accounted for the largest market share in 2016, in the application segment, and are expected to continue its dominance during the forecast period 2016 – 2024. The segment is also anticipated to grow at a fastest CAGR from 2016 to 2024.
North Americadominated the global market from 2016 – 2024
North America dominated the global automotive lightweight materials market with largest market share of 37.7% in 2016, and expected to continue its dominance during the forecasted period, owing to strict government rules to control the carbon emission, swelling automotive industry, technological developments, widespread research to improve the capabilities of lightweight materials in this region.
The major players operating in the market are Covestro AG, BASF SE, PPG Industries, Inc., ArcelorMittal S.A., ThyssenKrupp AG, Novelis Inc., Toray Industries, Inc., LyondellBasell Industries N.V., Alcoa Inc., and Owens Corning, among others.